Nickel 28 Royalty Portfolio Update
Nickel 28 Royalty Portfolio Update
Toronto, Ontario--(Newsfile Corp. - September 14, 2026) - Nickel 28 Capital Corp.
(TSXV: NKL) (FSE:
3JC0)
("
Nickel 28
" or the "
Company
") is pleased to provide an update on recent developments across
four projects underlying the Company's royalty portfolio: the Dumont Nickel-Cobalt Project in Quebec; the
Turnagain Nickel-Cobalt Project in British Columbia; and the Flemington and Nyngan scandium projects
in New South Wales, Australia.
The royalty portfolio continues to provide Nickel 28 with long-term exposure to a diversified group of
critical minerals without requiring the Company to fund project-level exploration, development or
construction capital. Recent activity across the portfolio includes permitting and government support at
Dumont, expanded exploration at Turnagain, advancement of Flemington into pre-feasibility work and an
update of the definitive feasibility study at Nyngan. Collectively, these developments may increase the
strategic relevance of the portfolio at a time when secure supplies of nickel, cobalt and scandium are
becoming increasingly important to defence, aerospace, advanced manufacturing, energy infrastructure
and battery supply chains. The Company's royalty interests and recent developments across the four
projects are summarized below.
Project
Royalty
Primary Metals
Project Status
Recent Development
Dumont,
Quebec
1.75% NSR
Ni-Co
Development stage
Filon support; project
authorization extended
through 2031
Turnagain,
B.C.
2.0% NSR
Ni-Co
2023 PFS completed
2026 property-scale
geophysical program
underway
Flemington,
NSW
1.5% GRR
Ni-Co-Sc
PFS underway
PFS assessing potential
production scenarios
Nyngan,
NSW
1.7% GRR
Ni-Co-Sc
DFS update underway
Lycopodium appointed to
update the DFS
Notes: NSR means net smelter return royalty; GRR means gross revenue royalty; PFS means pre-feasibility study; and DFS means definitive
feasibility study. Ni means nickel; Co means cobalt; and Sc means Scandium.
Nickel 28's Chief Executive Officer, Craig Lennon, commented
:
"We are encouraged by the
progress being made across our royalty portfolio. Dumont continues to advance toward a potential
final investment decision with renewed regulatory certainty and direct support from the Government of
Quebec, while Turnagain continues to demonstrate the scale and exploration potential of a large,
undeveloped nickel-cobalt sulphide deposit. At the same time, the advancement of Flemington and
the update to the definitive feasibility study now underway at Nyngan are strengthening our exposure
to scandium, a critical mineral with growing strategic importance in lightweight aluminium alloys,
aerospace, defence and other advanced applications.
Nickel, cobalt and scandium are all increasingly important to critical-mineral supply chains. Our
royalty interests provide shareholders with long-term exposure to these commodities and to projects
in Canada and Australia, without the associated project development capital requirements. We
believe the continued advancement of these assets has the potential to create value for Nickel 28
shareholders over time."
Dumont Nickel-Cobalt Project - Quebec, Canada
Nickel 28 Royalty: 1.75% life-of-mine net smelter return ("NSR") royalty
The Dumont Nickel-Cobalt Project ("Dumont"), located in Quebec's established Abitibi mining region, is
a large undeveloped nickel sulphide deposit. In a July 27, 2026, news release, Dumont Nickel stated that
it is targeting annual nickel production of approximately 25,000 tonnes over an operating life exceeding
45 years, with production targeted to commence in 2030. Nickel 28 has not obtained or reviewed the
2026 technical report referenced in Dumont Nickel's July 27, 2026, news release and has not
independently verified these targets. These targets are forward-looking and remain subject to further
project development, financing and a final investment decision.
Dumont achieved two important milestones during the third quarter of 2026. On July 27, 2026, Dumont
Nickel announced that the project had been selected as one of the first projects to benefit from "Filon", a
specialized Government of Quebec support service intended to accelerate strategic mining projects. On
August 5, 2026, Dumont Nickel announced that the Government of Quebec had extended the validity of
the government decree authorizing the project through 2031. The extension preserves a key regulatory
approval and provides additional certainty as Dumont advances toward a potential final investment
decision and construction.
Dumont Nickel continues to advance engineering, financing, strategic partnership and offtake initiatives.
The project benefits from established road and rail infrastructure and access to hydroelectric power,
supporting its objective of becoming a long-life source of nickel and cobalt for North American and allied
critical-mineral supply chains.
Turnagain Nickel-Cobalt Project - British Columbia, Canada
Nickel 28 Royalty: 2.0% NSR royalty on all future contained metal production
The Turnagain Nickel-Cobalt Project ("Turnagain") is located in northern British Columbia and is held
through an 85%/15% joint venture between Giga Metals Corporation and Mitsubishi Corporation.
Turnagain is a large, undeveloped nickel-cobalt sulphide project. A 2023 pre-feasibility study
contemplated a 30-year processing-plant operating period.
In June 2026, Giga Metals commenced a fully funded property-scale geophysical program at Turnagain
focused on the Attic Zone, a large and underexplored area adjacent to the existing nickel-cobalt
resource. The program includes approximately 17 kilometres of magnetotelluric surveying and
approximately 504 line-kilometres of HeliSAM electromagnetic surveying across an area of
approximately 6.5 kilometres by 4.5 kilometres.
The program expands the exploration focus at Turnagain to include potential copper, platinum and
palladium mineralization and is designed to identify conductive targets at greater depths than previously
tested. Giga Metals has stated that the results will inform continued exploration of the Attic Zone during
the balance of 2026.
Flemington Scandium-Nickel-Cobalt Project - New South Wales, Australia
Nickel 28 Royalty: 1.5% life-of-mine gross revenue royalty ("GRR")
The Flemington Scandium-Nickel-Cobalt Project ("Flemington"), located in central New South Wales,
has advanced during 2026. Australian Mines Limited reports a JORC 2012 mineral resource estimate,
effective January 8, 2025, comprising 3.12 million tonnes in the measured category grading 455 ppm
scandium, 3.02 million tonnes in the indicated category grading 441 ppm scandium and 0.15 million
tonnes in the inferred category grading 371 ppm scandium, in each case using a 300 ppm scandium
cut-off. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Inferred mineral resources are considered too speculative geologically to have economic considerations
applied that would enable them to be categorized as mineral reserves.
Following completion of an updated scoping study during 2026, Australian Mines advanced Flemington
into the pre-feasibility study ("PFS") stage. In July 2026, Australian Mines announced that the PFS would
evaluate potential annual scandium oxide production scenarios of up to 180 tonnes. The 180-tonne
scenario is an assessment case and does not constitute a production target or forecast. Australian
Mines indicated that the PFS is expected to take approximately six to nine months to complete.
In August 2026, Australian Mines confirmed the validity of a water licence associated with Flemington
and subsequently announced preparations for a multi-purpose drilling program. The program is intended
to test extensions adjacent to the existing scandium resource and provide additional information for
metallurgical work, infrastructure planning and the PFS.
Nyngan Scandium Project - New South Wales, Australia
Nickel 28 Royalty: 1.7% life-of-mine GRR
The Nyngan Scandium Project ("Nyngan"), located approximately 500 kilometres northwest of Sydney, is
100% owned by Scandium International Mining Corporation. Nyngan is an advanced primary scandium
development project and has received the principal governmental approvals required to proceed with
development, including the grant of Mining Lease ML 1893 in 2025.
According to Scandium International's June 17, 2026, news release, the existing 2016 feasibility-study
design contemplates approximately 75,000 tonnes per year of ore throughput and nameplate production
of approximately 38,500 kilograms of scandium oxide annually. The 2016 feasibility study reported
average production of approximately 37,690 kilograms annually over a 20-year operating period. The
study is currently being updated, and these figures should not be interpreted as current production
guidance.
In June 2026, Scandium International announced the appointment of Lycopodium Limited to update the
Nyngan definitive feasibility study. The update is intended to incorporate current capital and operating
costs, potential capital and operating efficiencies, opportunities to selectively process higher-grade
material and evolving customer product requirements. Scandium International has stated that it is fully
funded to complete the study.
Scandium International continues to pursue commercial opportunities for scandium oxide and
aluminium-scandium master alloy products. Securing sufficient commercial offtake remains an important
component of the project financing and final investment decision process.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the
producing, long-life Ramu Nickel-Cobalt Operation located in Papua New Guinea. Ramu provides Nickel
28 with significant attributable nickel and cobalt production, thereby offering shareholders direct
exposure to two metals which are important to the adoption of electric vehicles. In addition, Nickel 28
manages a portfolio of 10 nickel and cobalt royalties on development and exploration projects in
Canada, Australia and Papua New Guinea.
Scientific and Technical Information
Disclosures of a scientific or technical nature in this news release have been reviewed and approved on
behalf of Nickel 28 by Alan Lambden, P.Geo., an independent consultant to Nickel 28 and a "qualified
person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The
scientific and technical information concerning the underlying royalty projects is based on public
disclosure by the applicable project owners, as identified in the relevant sections of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes 'forward-looking statements' and
'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements
that are contained in this news release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often identified by terms such as "may",
"should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release include, but are not limited to: statements
and figures with respect to the operational and financial results; statements with respect to the potential
strategic importance of nickel, cobalt and scandium; statements and figures with respect to the potential
future development of, and prospects for, the Dumont, Turnagain, Flemington and Nyngan projects
(including statements with respect to the estimated timeframes for the achievement of future milestones,
as well as regarding the potential value of the Company's royalty interests in respect of such projects);
and statements with respect to the business and assets of the Company and its strategy going forward.
Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking
statements involve known and unknown risks and uncertainties, most of which are beyond the
Company's control. Should one or more of the risks or uncertainties underlying these forward-looking
statements materialize, or should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance or achievements could vary materially from those expressed or
implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than
as required by applicable securities laws, the Company does not assume any obligation to update or
revise them to reflect new events or circumstances. The forward-looking statements contained in this
release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release. No securities regulatory authority has either approved or
disapproved of the contents of this news release.
For more investor information - please contact:
Nickel 28 Investor Relations
Attn: Mr. Brett Richards
+1 905 449 1500
Email:
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/313970